Re: HELP! First Premier and Orchard Bank Credit card paying off?

Here is a link to the new FHA rule about collection accounts. Edited to say that your collection limit is a cumulative of $1000, not individual accounts. Looks like you would need to get those accounts paid. However, I would still work hard at PFDs for those collection accounts. Having as many of them deleted as possible will bring up your credit score a LOT.

Re: HELP! First Premier and Orchard Bank Credit card paying off?

^ Thanks! yea i want to pay them off, its just that paying them off and not getting them PDF sucks as its like im throwing away money to still have the same FICO, but just checking my report, is there any that seems to be falling off soon?

Re: HELP! First Premier and Orchard Bank Credit card paying off?

Thanks guys! but yes i am going for a FHA loan and i will be paying off both credit cards today, but i was wondering i know you guys said i have to pay off collections no matter what, but i had a question what are the accounts that are called "Potentially Negative Closed"? do those balances needs to be paid off? or are those falling off my report? i dont really know what all the titles mean, as there are 3 other accounts listed "Potentially Negative" which im thinking are the newer accounts that went into collections that im trying to PDF right now.

The potentially negative closed accounts will not fall off your credit report until 7-7.5 years after the date of first deliquency i.e the date you stopped making regular payments on the accounts. I can't really tell what your DOFD is from your reports but all negative reports will stay on for about seven years after the original default.

The only way you can get them off is to write PFDs for the unpaid accounts. And GW letters for the paid accounts. Many people report having to write many, many, many, many, many, many letters before finally getting a positive response. Keep writing. Search on these boards for phone numbers, email addresses or advice specific to your individual creditors.

Re: HELP! First Premier and Orchard Bank Credit card paying off?

You didn't indicate the SOL for your state and how old these debts are.

The clock should start from the date of the first negative (ie when you first didn't pay them and never paid them again. in other words when you were first late and never caught up). Also, are some of these the same debts that have been moved around to different creditors. The funny thing about collection accounts are that whether you have one or many, you really get dinged.

So instead of listing what is showing up on credit report, can you tell me what the original debts were and and when. Finally, please note that most mortgage lenders will not allow you to have accounts in dispute on your credit report when seeking approval for mortgage.

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